GM to launch new EVs, says future is all-electric

GM answered those questions on Monday. GM said that it will launch at least 20 all-electric vehicles by 2023, with the first two coming soon.

"General Motors believes in an all-electric future", stated Mark Reuss, General Motors executive vice president of Product Development, Purchasing, and Supply Chain.

Future generations of GM electric vehicles "will be profitable", Reuss said, but added it was not clear when GM could make all its new vehicle offerings zero-emission electric cars.

Shares of the company opened at Rs 428.25 and touched a high and low of Rs 428.25 and Rs 418.80, respectively, in trade so far.

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General Motors announced Monday it's set to ditch internal combustion engines for a future of electric vehicles.

GM recently launched its first mass-market electric vehicle, the Chevrolet Bolt EV, an electric mid-sized hatchback with a range of 238 miles on a charge and a starting price of about $36,000.

Newer lithium-ion batteries have drastically improved the capabilities of electrified vehicles and there are now dozens of hybrids, plug-ins and BEVs on the market, as well as three hydrogen fuel-cell vehicles.

EVs remain just a sliver of US sales and demand largely is regulatory-driven, but GM expects mainstream adoption of the cars soon. In comparison, Tesla has burned through an estimated $10 billion in cash and has yet to show a full-year profit.

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It's no surprise that GM, which became the first automaker to begin mass-producing an affordable long-range electric vehicle a year ago, appears to have an extensive electric-vehicle product-development program well underway.

"Although that future won't happen overnight, GM is committed to driving increased usage and acceptance of (EVs) through no-compromise solutions that meet our customers needs", Reuss says in a statement. Still, this is a big step for the electric auto, particularly on the domestic front.

GM introduced its first long-range EV, the Chevy Bolt, in December 2015. The company also pledged to start producing hydrogen fuel cell vehicles for commercial or military use in 2020. While there are fuel cell based vehicles on the market already - like Toyota's Mirai and Honda's Clarity Fuel-Cell - there're only offered in limited markets, predominantly in pockets of California.

GM now offers one extended-range electric vehicle, the Chevrolet Bolt EV, but will add two others within 18 months, Reuss said, with "at least 20" to be in the line-up by 2023.

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  • Kelly Blake